>> why not wait until that stock comes due. i think you could get it at a lower price. i'm jim cramer and i will see you tomorrow. hey larry, what are you looking at tonight? >> profit is correct but it is not the end of the world. >> mitt romney did what he needed to do. the polls show that the momentum continues with romney ahead in a couple of polls.

first up our top story, the dow taking a hit. companies warning the economy the worst than ever. >> let's put europe aside. it seems that investigator einv level on the dow. and 1400 on the s&p. and we did dip on the nasdaq today. profits disappointed and it seems frantic to cut costs. many disappointed on price.

everybody was confused on getting the ipad four. that seems to be the case and facebook cramer talked about it. up 13% that revenue on the add side better than expected back to you. fast money contributor, brian kelly, good evening, gentleman, as i recall, you have been expecting a correction. now, my question to you, is this the end of the world or are we

going to go to the bottom and what is going to happen next? help me out. i don't think this is a major pull back. this is just a bit of a drift lower. we hold to our outlook. it would be a buying opportunity. there is a bright spot. a lot of companies with exposed earnings here. we had a down day on ge. 60% of companies are doing so. actually having a good quarter. this could soon turn into a buying opportunity. so we hear jeff . brian, everyone is talking about

cat and 3m and dupont and i get that. let me ask you, were there other factors? there is a big story in today's "new york times" that benghazi ben bernanke is going to retire and some were worried that he did not perform as well last night. certainly the bernanke news was probably bigger than it was made out to be. we have no idea who the next

chairman is going to be. on a day like today it raises uncertainty. the other thing i would say, it wasn't just earnings, it was dupont and dow cutting jobs. that is a dig decision for a company. is that a global recession? the job cuts. maybe not. what is the hint here? us focus was not even down 1%. you saw u.s. companies doing relatively better and this was all from a slowdown in asia and

china. the european influence has been getting worse not better. i want to walk through brian kelly's point. ben bernanke, how important is liquidity to the market. let's start there. is it bernanke driving stocks up? i don't mean today we have had almost a 30% rally. i think profits are the issue. all of the qe stuff, it has to follow up with profits. profits have been vulnerable for a while. we are in the swors tworst inve strike.

i don't think this is a time to panic. china is still growing. but, although there is a slowing of trade growth, when the vix was below 14% we told people to buy it with both hands. we told people to take provilfi. none of you are rock bottom bears. >> not unless obama get re-elected. it brings in romney and the federal reserve board. i'm going to leave the treasury alone. if romney is elected for president, first of all, glen hubbert, gregory man cue and

john taylor, a third distinguished economist, taylor the author of, "the taylor rule". how do you make sense of this issue. right now how can anybody make a decision? >> you don't know what the macro policy is going to be. it has been a huge support. we are up about 80% of earnings. so are stocks. so it has been a key driver. but the fed can't print profits here. but the bottom line is we hit that limit to where companies need to see momentum and there is so much uncertainty around

what he may do. what else is going to happen. we don't know. >> nothing is going to change. >> he will serve out his term to january 2013. that is what happened with green span. he will not be reappointed. mitt romney is going to win. you thought today's turbulence had a little bit to do. by the way, i don't disagree with you. i would have liked him to be a little tougher. one of them was the fact that the first debate he did better. so, coming in on a day when the s&p is down 15 handles, and you have that news it is probably not the day to have that happen. i don't think that is something that you want to make a long-term investment policy on.

>> can i get a quick buy sell tomorrow? >> tomorrow, buy. >> jeff buy sell? >> real quick. >> you know, i think there are some things you can buy. >> but i would be cautious in the market. >> wait for the election. fiscal policy will create one of the great stock rallies in history. >> all right you guys. thank you very much. now, iran's oil minister said today that the country would stop oil sales in sanctions intensify. crude futures traded today at the lowest levels in months. does anybody care? here now is atison armstrong. i don't believe him. they need the money and they

will make the sales to china. but meanwhile, oil closes at $86. nobody cared about what the oil minister had to say today. there is a lot of things going on in iran. there is a power struggle going on. they are one of the candidates to take over the secretary general seat at opec. and perhaps they were showing the other member that is they could be tough. on the face of it, it doesn't make sense. iran derives half of its revenues from oil and the economy is reeling and the surge coura currency is collapsing. they will never get the chairmanship of opec.

>> trust me they will never let it happen. you are right. it is just not going to happen. it would go to ecuador before it would go to iran. >> the world economy is soft. so oil prices are going down and the other one is, the united states and canada north america is producing a ton of oil this is going to change the whole balance. i saw a whole story dade that derivatives can get us to ten million darells a day now. who cares about iran. they are a bunch of crazy pikers for god's sakes. >> they are becoming less relevant by the day. the longer they persist in going down this road of trying to push this issue the more isolated the

less the world needs their oil. they can be replaced by saudi arabia. when the u.s. gets it's act together and has a policy that will allow us to get to those levels we won't be talking about irony more. >> give us a forecast. >> a lot of it will be dry vivey the election between now and then. i think we can see a pull back here into the low 80s. >> we are going to have a special guest tomorrow evening. former fed governor kevin p awa.

let's turn to last night's debate. and obama's shocking declaration. he swore no across the board budget cuts. some say he has given away his tax hike leverage. coming up both have received endorsements they may not have wanted. we will show it all to you. you know what, this election is about free market capitalism. [ male announcer ] do you have the legal protection you need?

at legalzoom, we've created a better place to turn for your legal matters. maybe you want to incorporate a business you'd like to start. or protect your family with a will or living trust. legalzoom makes it easy with step-by-step help when completing your personalized document -- or you can even access an attorney to guide you along. with an "a" rating from the better business bureau legalzoom helps you get personalized and affordable legal protection. in most states, a legal plan attorney is available with every personalized document to answer any questions. get started at legalzoom.com today. and now you're protected. bp has paid overthe people of bp twenty-threeitment to the gulf. billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open,

and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger.

the rich by the way now a days in new york, stul teaa tea her firefighters husband. take a listen. >> it will not happen.

first of all, the white house did propose it. has the president given away his party's bargaining power during the lame duck session? let's talk to white house policy chairman. dr. price welcome back to the program. what did you hear? do you think the across the board budget cuts is dead? >> no, i think you are right. i think that is the president's card that you wants to play to force congress to be able to do what he wants to do which is to raise taxes. he was referring tom to the defense cuts, right? >> i think so. >> you know he is doing that because he wants to win virginia. whether he is being a phony or wants to protect our defense

posture. you have to rewrite the across the board cuts. >> look, you have to believe that the president's deed is going to watch his word. the defense industry has taken a $500 billion reduction in spending. it is 19% of our budget. that isn't going to work and leon panetta himself said if that happens it would hollow out our defenses. i goat that. romney was hammering obama on this topic. what i'm confused about is what happened. is the president going to change his position in other words will he say to you and the republican leadership, go ahead and come up with a different spending cut plan? is that what he is going to do?

>> the house has done that. that would remove the reductions from spending and put them elsewhere from a prioritized budget. and the president threatened to veto that. i think he was flying by the seat of his pants. the fact of the matter the president probably wants these defense cuts. he wants the cuts. tom, i mean, where does this put the extension of the bush tax cuts? so many people say look, why don't you extend the whole thing for six months. nothing ever happens to the across the board cuts do you think a re-elected president obama will insist that the top tax rates go up? >> i have no doubt about it.

but, look, a president romney and a vice president ryan will allow us to kick things down the road for six months so that they can come in and put it into a policy. and so, we've got to find those other spending reductions. we've done it in the house, the ball is in the senate's court. >> come back to the taxes for a senate. >> do you think, do you think tom, that president obama would veto the entire extension. not just the middle class. if he can't get his upper tax rates, do you think he would veto the entire extension because he's not interested in growth? he is interested in revenues that he can spend? i mean it might throw the economy into the recession.

do you think he would do that? >> i understand. if he is re-elected then yes, i think he vetoes it. >> thank you tom. great to see you. all right coming up. not all endorsements are equal. both the president and mitt romney have received dozies. jenna jamison. the sorted story up next. sorry we have to report on this one.

when you take a closer look... ...at the best schools in the world... ...you see they all have something very interesting in common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students achieve at a higher level. let's develop more stars in education. let's invest in our teachers... ...so they can inspire our students. let's solve this. mike rowe here at a ford tell me fiona, who's having a big tire event? your ford dealer. who has 11 major brands to choose from? your ford dealer. who's offering a rebate? your ford dealer. who has the low price tire guarantee... affording peace of mind to anyone who might be in the market for a new set of tires? your ford dealer. i'm beginning to sense a pattern. buy four select tires, get a $60 rebate. use the ford service credit credit card, get $60 more. that's up to $120. where did you get that sweater vest?

your ford dealer.

> political experts say that endorsements don't count. but one is not a plus at all. we asked brian shactman to explain. >> listen, this is a good one. like the old expression with friends like these, who needs enemy. that comes to mind for both president obama and governor romney. you see them arizona sheriff who says his stand on immigration is his own tough on immigrant and then there is lind ssay lohan s

supports him because quote unemployment is very important. and jenna jameson. sticking to porn, sorry, producer ron jeremy endorsed obama in july. and the president got good words from hugo chavez and then there is huny boo boo. she told jimmy kimmel that she is for barack obama. i thought castro and putin endorsed obama.

lohan, would she be the new commissioner of the fda? >> you can make any joke you want. >> i have basketball clean and sober 17 years. and i am grateful for it. coming up, first big birds binders and now bayonettes. cheap shots coming from the left. >> in order to be able to fulfill our role in the world america must be strong. america must lead and for that to happen we have to strengthen our economy here at home. you can't have 23 million people struggling to get a job. >> strong foreign policy backed by a strong foreign policy. our panel will chew on it next up on kudlow.

to work hard for a better future. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪

welcome back to the kudlow report.

president obama pulls back his hand and doesn't address the country's financial problems. maybe that is why mitt romney's poll numbers are so high. if the numbers hold. it could signal something big. first up, in last night's debate. he made cheap shots. >> i think governor romney hasn't spent enough time looking at how our military works. you mentioned the navy. well we have more horses and bayonnets. the military has changed. >> remember are i hold him to

latch onto the old reagan line take-home pay. >> your message should be higher take-home pay. it is mitt romney that has to stay on the message take-home pay. >> last eaching mitt romney did exactly that. take a listen. >> i know what it takes to create 12 million new jobs and rising take home pay. i will do it with five simple steps. the president's path will mean continuing decline in take-home pay. >> all right. sometimes i get it right. not always. here now is our all-star cnbc panel. and keith boykin former white house aid and jennifer rubin author of the washington poest

blog. >> but, over three debates what's your verdict did he open the door to independence, take them all as one. >> he came across at genuine and thoughtful. he has clearly helped himself with women voters.

he's always counter punching that cheap shot bayonnet thing. a lot of navy people are upset with that. he is trying to praise him for syria and he is so negative keith. that is not going to help him. >> where were you at the first debate. suddenly things have chained. i think that president obama did a good job. he lost the first. he won the second. i think the democrats win most

of the debates. i think still from the electoral college perspective romney is doing well in the polls, but last night what you saw, is you saw a man in mitt romney who is willing to shape and exa sketch and become a democrat to win the votes at the middle. he out flanked obama on the left on every single issue. >> here is what governor romney said. >> we can't kill our way out of this. >> sounds like a democrat. >> it sounds like a message of peace. >> my former boss ronald reagon won the cold war without a single bullet as i recall. do you think he broke through? >> i think he did in that debate

and in the previous two debates. it is okay to talk about peace. one of the timeless virtues is peace through strength. i think joe biden mocked him for the 80s foreign policy. that was a pretty big foreign policy. peace through strength. people in the 80s remember it as a pretty good decade. they remember it not as a war monger. but someone who needs to have a strong defense to avoid war. >>. >> i think the president -- >> it is a dangerous world. >> we do have a focaled china.

>> let's me bring in my friend bob rice. welcome back. let me ask you. i think romney adopted the message or tried to a strong world leadership foreign policy requires a strong foreign policy flt . do you think mr. romney made the sale? >> i heard that. the president made the same point before mitt romney made that point. room know did win the first debate but he lost the second debate.

the president seemed in command. he seemed to be the one who ran the debate last night. >> he makes an interesting point. >> for me, i don't pretend to be a foreign policy expert. most of what i heard they sounded alike. mr. romney turned the other cheek. why did they sound so much alike. i think they had different world views. >> that was not the barack obama who ran in 2008 who wanted to close gitmo. i think there are clear differences and those did come out. the president has not moved yet along the sequestration. they had a big fight about building the navy.

they had a disagreement about what they wanted to do. >> we have no impact what this debate was. we'll give it a few days and we'll see what happened. >> we'll have an expert pollster come in. i would like to see mr. romney be tougher. our panel is sticking around coming up we are down to the last lap.

two weeks to go until election day. pollster scott rasmussen is coming up to try to persuade keith that the numbers are real. if we want to improve our schools...

... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. at e-trade, our free online tools and retirement specialists can help you build a personalized plan and execute it with a wide range of low cost investments. get a great plan and low cost investments at e-trade.

here to break down the mi mittmenton, we are joined by scott rasmussen.

you are running with gallop. you are 50-46. before, they got their before you. how significant is it. how good do you feel that you have cover through the crucial 50% line? >> right now, i'm skeptical about it. anytime you have a one day bounce, you want to see it confirmed. you want to see the race very close. president obama was up 49% to 47%. they had that debate a very, very good night for mitt romney

and 98% of voters changed their mind. >> the fact that a couple of% changed from one side or the other means that americans aren't happy with their choice. that is like throwing a touchdown. it makes a huge difference. if the challenge is 250 and the

president -- both you and gallop organization have the president at 46% with two weeks to go. that is a terrible number for an incumbent president. most of the last votes will break away from an incumbent. i don't see how he can win if he is holding at 46, 47 or 48, scott. >> you are right. if the president stays at that level, he will not win. that is his base of support. he has not been able to add to it. that first debate did help romney. the swing states are up by four points in colorado. by the way, that is a five point net jump since the first debate. there is a shift going on across the country. we are still in a close race.

>> coming up. president obama lays out his second term agenda. it is a 20 page booklet. i guess it is his main message. this is the obama vision two weeks before the end of the campaign. all energy development comes with some risk,

but proven technologies allow natural gas producers to supply affordable, cleaner energy, while protecting our environment. across america, these technologies protect air - by monitoring air quality and reducing emissions... ...protect water - through conservation and self-contained recycling systems... ... and protect land - by reducing our footprint and respecting wildlife. america's natural gas... domestic, abundant, clean energy to power our lives... that's smarter power today.

here is my plan for the next four years. building on our manufacturing boom. boosting american-maiden de ene. ending the war in afghanistan so we can do some nation building at home. >> with all due respect to my friends what i hear is tax the rich and slash military spending in order to spend more on his pet projects.

i did not hear a plan for the debt or deficits. am i missing something? back with our panel. i go to you first. jim have you read this document and am i off base? >> i have read the document and the plan. it is 20 pages wide margins. the thing looks like a brochure for a florida time share. listen. the first thing you go to it says jobs and economy. the first thing big bold letters raise taxes on corporations. >> can i say that is the opposite of his plan?

>> the plan doesn't raise taxes. >> he wants to raise taxes on companies. >> he is in favor of lowering the covrporate tax rate, but, yes, for people who ship jobs overseas but for people who create jobs here, he wants to create tax cuts for them. so the idea of saying that his first plan is to raise taxes is a lie. >> robert rise, let me go to you. i confess, i have not read the 20 pages and i will read it tonight and you have to stay awake. >> i will do my best. >> i prefer reading robert rise. >> he is talking about education and training. something called a manufacturing boom. >> he wanted to boost american energy and he wants to reduce

the definificit by cutting what can. i don't know what that means. all right robert rice it is all yours. >> this is relative. i don't know what mitt romney to this day represents. at least with president obama we have had four years. there are bills with regard to creating jobs and he has put in a bill to get manufacturing back to the united states. that might actually be sending manufacturing abroad. that is why a president when running for re-election doesn't have to put out 500 pages. mitt romney has told us nothing, there is no budget. >> 140 pages. >> i was one of the people who

convinced him during several interviews that he should have four or five points not so many. >> mitt romney forced him to put this thing out. he did this because romney was clobbering him on this subject. >> and he was getting flack. where is your agenda? you have people at the left wing blogs who are saying where is your agenda. they badger mitt romney because although he has a comprehensive corporate tax, he has a number that he wants to lower for di diffdends and capital gains. he has not specified the base bro broadeners. he has given several way to do

it. and in terms of specificity, this is a big issue. >> last night. i did notice this. i reread the transcript last night. he went through his spending cut idea. he wants to cut the spending outside of the defense. and he wants to go program by program. but i have never heard president obama ever suggest one spending cut. never once has obama said -- hang on. i never heard him talk about a spending cut. >> he is going to cut big bird funding and planned parenthood. >> that is it. with your less than 0.10 of one percent of the budget. he has a medicare plan. >> what are the specifics.

is he going to endorse the ryan plan? >> he won't tell you what he is going to do in terms of which deductions he is going to cut? >> by the way, his question was what is the single cut the president is going to lay out? >> he is going to cut the federal workforce by ten percent. >> name one spending cut. >> can i please say something? >> it is the easiest thing in the world for a candidate to say i'm going to lower your taxes by five billion or seven trillion you name the number i'm going to do it. and you can say i'm going to cut spending by five, six or ten percent. the hard thing is going to be how you you are going to pay for

those cuts. >> nothing, no nothing. >> defense is a huge part of our federal budget. >> i got to get out. >> robert rice. jennifer, we are going to continue this. that is it for tonight's show. thank you for watching. i would lower marginal tax rates and let the economy grow those revenues. that is it for tonight's show. anncr: every president inherits challenges.

few have faced so many. four years later... our enemies have been brought to justice. our heroes are coming home. assembly lines are humming again. there are still challenges to meet. children to educate. a middle class to rebuild. but the last thing we should do is turn back now. president obama: i'm barack obama and... i approve this message. bp has paid overthe people of bp twenty-threeitment to the gulf. billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else.

we're working to fuel america for generations to come. our commitment has never been stronger. to compete on the global stage. what we need are people prepared for the careers of our new economy. by 2025 we could have 20 million jobs without enough college graduates to fill them. that's why at devry university, we're teaming up with companies like cisco to help make sure everyone's ready with the know how we need for a new tomorrow. [ male announcer ] make sure america's ready. make sure you're ready. at devry.edu/knowhow. ♪ how they'll live tomorrow. for more than 116 years, ameriprise financial has worked for their clients' futures. helping millions of americans retire on their terms. when they want. where they want. doing what they want. ameriprise. the strength of a leader in retirement planning. the heart of 10,000 advisors working with you one-to-one.